Oil prices continued to rise after popping higher on Tuesday amid reports that USA inventories fell last week.
The Dow index, which has routinely set record highs over the past year, shot up 166 points, settling at 21,554 points by 10 a.m.
The tertiary industry activity dropped 0.1 percent month-on-month in May, reversing a 1.4 percent rise in April.
The Fed "continues to expect that the evolution of the economy will warrant gradual increases in the federal funds rate over time", Yellen said, while reductions in the Fed's more than US$4 trillion in securities are likely to begin "this year".
Microsoft to invest $10bn for fast internet in U.S. heartlands
The project will rely on a new "white-space" technology, which beams internet data over unused television broadcast frequencies. Microsoft has announced plans to help build the availability to high-speed Internet across rural areas of the United States.
SMC Investments and Advisors in a research note said, "Bullion counter can trade sideways with mixed bias on Wednesday as today Fed chair Yellen testimony can give further direction to the prices".
Interest rates are on the rise globally as the Fed is expected to tighten further this year, the Bank of Canada will likely raise rates this week, while comments suggest tighter European Central Bank policy and chatter from the Bank of England.
Ms Yellen was reporting to members of Congress about bank policy and the economic outlook.
The dollar fell to a more than one-week low against a basket of major currencies in late United States trading yesterday, after U.S. President Donald Trump's eldest son released an email chain citing Russian support for his father before last year's U.S. election.
Stanton, rookies battle for Home Run Derby glory
He's averaged a home run every 10.1 at bats and is third in the majors with a.613 slugging percentage (Judge is first at.697). Sanchez missed 21 games with a right biceps injury , which helps explain why he has the lowest total of all the competitors.
Stock futures in the USA for Monday were up, suggesting shares on Wall Street will open higher and extend gains that were made following the release last Friday of the jobs report by the Labor Department. Health care property owner HCP rose 67 cents, or 2.2 percent, to $31.62.
TECH SURGE: Technology companies also notched solid gains. Average hourly earnings were up 2.5 percent in June year-over-year, the same pace as in May, according to the employment report released earlier Friday.
"You have this real tug of war between these two camps and it's unclear right now how we're going to come out of that", he said. United Continental picked up $3.08, or 4 percent, to $80. But Germany's DAX climbed 0.1 percent to 12,461. The stock added $1.63 to $42.32. The yield on the benchmark United States treasury note contracted to 2.3632% in early trade‚ from 2.3830%.
The pan-European FTSEurofirst 300 index .FTEU3 lost 0.68 per cent and MSCI's gauge of stocks across the globe.MIWD00000PUS gained 0.14 per cent. The FTSE 100 had added 1.25%, the CAC 40 1.71% and the DAX 30 1.64%. Markets in Asia finished mostly lower. Japan's Nikkei 225 fell 0.5 percent to 20,098.38 and South Korea's Kospi lost 0.2 percent to 2,391.77. Hong Kong's Hang Seng index rose 0.6 percent.
Arab states disappointed with Qatar's 'negative' response to list of demands
Any further steps taken against Qatar would be "taken at the appropriate time" and be "in line with worldwide law". He said the demand shows "a lack of respect toward us and Qatar ".
CURRENCIES: The dollar fell to 113.35 yen from 113.95 yen while the euro weakened to $1.1465 from $1.1467. The euro slipped to $1.1395 from $1.1400.